Bitcoin recently fell below $100,000, reaching its lowest level since June, raising concerns among crypto investors. However, two well-known market figures hold a more optimistic view on Bitcoin's future trajectory.
Bitwise Chief Investment Officer Matt Hougan believes that this round of decline mainly reflects extreme panic among retail investors, rather than the beginning of a deeper collapse. "Crypto retail investors are in a state of maximum despair," he said during an interview on CNBC's "Crypto World" on Tuesday. "We are seeing a lot of leveraged positions being forcibly liquidated… The current sentiment in the native crypto retail market is lower than I have ever seen before."
Hougan pointed out that there are increasing signs that the sell-off is nearing its end. "When I talk to institutions or financial advisors, they are still very interested in allocating to this asset class—if you look at the past year over a longer time frame, Bitcoin has still delivered very strong returns," he said.
Hougan added that once the retail sell-off is over, institutional demand is expected to drive prices higher. "I think Bitcoin is very likely to set a new all-time high this year," he stated, providing a potential range of $125,000 to $130,000.
Meanwhile, former BitMEX CEO Arthur Hayes pointed out that structural liquidity is the key driving force behind the next rally. In an article on November 4, he argued that the U.S. government's increasing reliance on debt financing will ultimately force the Federal Reserve to expand its balance sheet.
He referred to this practice as "invisible quantitative easing," where the Federal Reserve actively injects cash into the financial system through standing repurchase agreements to support Treasury financing.
Quantitative easing (QE) refers to a monetary policy tool used by central banks to stimulate the economy by increasing the money supply through the purchase of financial assets (such as government bonds).
"If the Federal Reserve's balance sheet expands, it is positive for dollar liquidity and will ultimately push up the prices of Bitcoin and other cryptocurrencies," Hayes wrote. He believes that the cycle of rising government borrowing and quietly releasing liquidity will "reignite the Bitcoin bull market."
At the same time, Mosaic Asset and trading information platform The Kobeissi Letter stated on the X platform on Tuesday that Bitcoin has retraced over 20% since reaching an all-time high on October 6, officially entering bear market territory.
Other traders have also warned that cryptocurrency prices may decline further. Investor Ted Pillows stated that the market is in a "free fall" state and predicted that if the $100,000 level is breached, Bitcoin may fill the $92,000 CME gap.
Related: The EU's plan to centralize crypto regulation under ESMA has sparked industry divisions.
Original: “As Bitcoin (BTC) Falls Below $100,000, Arthur Hayes and Bitwise CIO Maintain Bullish Stance”
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